Brown Advisory
Brown Advisory U.S. Small-Cap Blend UCITS Fund
US Small-cap
Mar 2026 → Mar 2026
Our archive holds 1 letter from this strategy, behind 2 investment theses and positions in 39 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Brown Advisory for every strategy.
What it bought and sold
Simply Good Foods Co (SMPL) was added to the portfolio.
We exited Neurocrine Biosciences, Inc. (NBIX) after the risk/reward no longer made sense.
Valvoline, Inc. (VVV) is one of the fastest growing brands in the quick lube space, a corner of the market that continues to take share from general repair shops & dealerships.
We had two additional take-outs in the first quarter, Onestream, Inc. (OS) and Mister Car Wash, Inc. (MCW), both by private equity
We sold First Interstate BancSystems and Modine due to valuation.
We exited Cactus, Inc. (WHD) as we lost confidence that its major growth lever, expansion into the Middle East, would play out in 2026 amid the escalating conflict in the region.
we purchased shares of Guardant Health, Inc. (GH), as recent due diligence highlighted a stable competitive environment and underscored a number of positive catalysts for the company over the next several years.
We sold First Interstate BancSystems and Modine due to valuation.
We exited SLB Limited (SLB) after the company completed its acquisition of our holding ChampionX.
we exited our position.
We exited SailPoint, Inc. (SAIL) as it held up in relatively better than the broader software complex which created more attractive relative risk/reward opportunities.
We sold Clearwater Analytics Holdings, Inc. (CWAN) due to the announced acquisition by Permira and Warburg Pincus.
We initiated a position in Q2 Holdings, Inc. (QTWO), which engages in the provision of digital banking and lending solutions to financial institutions and financial technology companies, among others, wishing to incorporate banking into their customer engagement and servicing strategies.
We exited our position following the completion of Confluent, Inc.’s (CFLT) acquisition by IBM.
We had two additional take-outs in the first quarter, Onestream, Inc. (OS) and Mister Car Wash, Inc. (MCW), both by private equity
Remaining shares of Phreesia, Inc. (PHR) were sold following F3Q26 results where it became evident that the business model and growth rate were straying from our original thesis.
Shares of Lumexa Imaging Holdings, Inc. (LMRI) were bought following a significant pullback in valuation after the company’s IPO.
We exited our investment after the announcement.
After strong price appreciation, we exited Rentokil Initial plc (RTO) on market cap considerations and to fund other ideas.
Concerns over potential share losses to oral weight loss drugs and an unexpected CEO retirement announcement sent shares of West Pharmaceutical (WST) lower, offering an attractive entry point to a company we know well.
Shares of Lantheus Holdings Inc (LNTH) were added after the company received FDA approval of its key product TruVu, positively shifting competitive positioning and allowing more confident underwriting of the operational outlook.
We exited our position in IAC Inc. (IAC) as we no longer have conviction in our thesis around sound capital allocation.
We exited our position in Globant SA (GLOB), as the market continues to question the growth potential and business model of software development-focused services companies like Globant in an AI-enabled future.
we participated in the IPO of satellite manufacturer York Space Systems, Inc. (YSS) and exited our small position during the quarter to fund other opportunities.
Also held
- Establishment Labs Holdings, Inc.
- Enpro Inc.
- Bruker Corporation
- Ingevity Corporation
- Prosperity Bancshares, Inc.(R)
- Cushman & Wakefield Ltd.
- Talen Energy Corp
- Ecovyst Inc
- HealthEquity Inc
- Waste Connections, Inc.
- NCR Voyix Corporation
- CCC Intelligent Solutions Holdings Inc.
- BrightSpring Health Services, Inc.
- CCC Intelligent Solutions Holdings Inc